02/06/2026 01:30 PM Senate LABOR & COMMERCE

        SB 198-PERS/TRS RETIREMENT & MEDICAL ELIGIBILITY                                                                    
                                                                                                                                
2:28:41 PM                                                                                                                    
CHAIR  BJORKMAN   reconvened  the   meeting  and   announced  the                                                               
consideration  of SENATE  BILL NO.  198 "An  Act relating  to the                                                               
teachers' defined  contribution retirement plan; relating  to the                                                               
public  employees'  defined  contribution  retirement  plan;  and                                                               
providing for an effective date."                                                                                               
                                                                                                                                
2:29:24 PM                                                                                                                    
SENATOR  JAMES KAUFMAN,  District  F,  Alaska State  Legislature,                                                               
Juneau, Alaska, sponsor  of SB 198 provided a brief  recap of the                                                               
bill. He  said the  purpose of SB  198 is to  align with  the ARM                                                               
Board's  recommendations, with  prior  cleanup corrections  made,                                                               
and to move forward based on the committee's direction.                                                                         
                                                                                                                                
2:30:27 PM                                                                                                                    
CHAIR BJORKMAN solicited a motion.                                                                                              
                                                                                                                                
2:30:31 PM                                                                                                                    
SENATOR MERRICK moved to adopt  the committee substitute (CS) for                                                               
SB 198, work order 34-LS0943\N, as the working document.                                                                        
                                                                                                                                
2:30:38 PM                                                                                                                    
CHAIR BJORKMAN objected for purposes of discussion.                                                                             
                                                                                                                                
2:30:42 PM                                                                                                                    
SENATOR KAUFMAN  explained the  summary of  changes version  A to                                                               
version N for SB 198:                                                                                                           
                                                                                                                                
[Original punctuation provided.]                                                                                                
                                                                                                                                
     SB 198 Explanation of Changes  Bill Version A to N                                                                         
                                                                                                                                
      "An   Act   relating    to   the   teachers'   defined                                                                    
     contribution  retirement plan;  relating to  the public                                                                    
     employees'  defined contribution  retirement plan;  and                                                                    
     providing for an effective date."                                                                                          
                                                                                                                                
     Removes  Sections  2 and  5  in  Version A:  Version  A                                                                    
     changed  the  years  of service  requirements  for  two                                                                    
     levels of  the Retiree Major Medical  Insurance premium                                                                    
     reduction  available to  Medicare-eligible  PERS &  TRS                                                                    
     retirees.  Version N  maintains  the premium  reduction                                                                    
     schedule currently in  statute.  Version N  puts SB 198                                                                    
     back  in line  with the  recommendations of  the Alaska                                                                    
     Retirement Management Board.                                                                                               
                                                                                                                                
     Renumbers the following sections accordingly.                                                                              
                                                                                                                                
2:31:50 PM                                                                                                                    
CHAIR BJORKMAN removed his objection;  found no further objection                                                               
and CSSB 198 was adopted as the working document.                                                                               
                                                                                                                                
2:32:40 PM                                                                                                                    
CHAIR BJORKMAN solicited the will of the committee.                                                                             
                                                                                                                                
2:32:42 PM                                                                                                                    
SENATOR MERRICK moved to report CSSB 198, work order 34-                                                                        
LS0943\N, from committee with individual recommendations and                                                                    
attached fiscal note(s).                                                                                                        
                                                                                                                                
2:32:56 PM                                                                                                                    
CHAIR BJORKMAN found no objection and CSSB 198(L&C) was reported                                                                
from the Senate Labor and Commerce Standing Committee.